Vietnam removed from list of beneficiaries of EAEU tariff preferences under GSP

Illustrative photo. (Source: VNA)

Hanoi (VNA) – Vietnam will be removed from thelist of countries entitled to tariff preferences offered by the EurasianEconomic Union (EAEU) under the Generalised Scheme Preferences (GSP) fromOctober 12, according to the Ministry of Industry and Trade’s Vietnam TradePromotion Agency (Vietrade).

The move is likely to have tremendous impacts onVietnamese exporters to EAEU countries, namely Russia, Belarus, Kazakhstan,Armenia and Kyrgyzstan, particularly Russia which remains the Southeast Asiancountry’s biggest buyer in the bloc, the Vietrade said in an announcement lastweek.

The agency recommended exporters to come up with plans toadapt to the change and to explore tariff preferences and correspondingpreferential rules of origin under the EAEU – Vietnam Free Trade Agreement inplace of the GSP.

Vietnam is among 75 developing countries removed from thelist, alongside two least-developed nations.

Despite impacts of COVID-19, two-way trade betweenVietnam and the EAEU expanded 6.5 percent to 5.2 billion USD last year, ofwhich Vietnam’s exports to the EAEU totalled 3.1 billion USD and imports 2.1billion USD, up 7.2 percent and 5.5 percent, respectively, from the previousyear.

Of the figure, trade with Russia accounted for 93.7percent./.

VNA